The import of unwrought nickel to India stood at 39.925 Million Kilograms in 2023. The observed trend over the last decade shows a substantial fluctuation. From a high growth period in the early 2010s, where the year-on-year rate peaked at 29.21% in 2013 and a CAGR of 26.64% in 2014, the market registered a sharp decline in the subsequent years. 2016 saw a dramatic -44.43% reduction year-on-year. 2020 again recorded a substantial decrease of -16.26% before showing signs of mild recovery. Over the last two years, the market has stabilized slightly with a small increase of 0.82% in 2023. Over the last five years, the CAGR averaged around 1.94%.
Forecasted data from 2024 to 2028 predict moderate growth, with the values expected to reach 41.657 Million Kilograms by 2028, reflecting a forecast CAGR of 0.65% and a total increase of 3.28% over the five-year period.
Future trends to watch for include potential market stabilization, the impact of global nickel supply dynamics, India’s domestic policy changes regarding raw material imports, and fluctuations in demand from key industries such as stainless steel manufacturing and electric vehicle batteries.
